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KEY BANK ACQUIRES EMERALD CITY BANK

 TACOMA, Wash., July 2 /PRNewswire/ -- Deborah L. Bevier, Key Bank of Washington's chairman and chief executive officer, today announced that Key Bank has acquired certain loans and insured deposits of Seattle- based Emerald City Bank. Key Bank will operate the 23rd and Union building in Seattle, formerly occupied by Emerald City Bank, as a branch of Key Bank.
 This action follows an earlier announcement that the Washington State Supervisor of Banking had taken possession of Emerald City Bank, and had appointed the Federal Deposit Insurance Corp. (FDIC) as receiver to handle Emerald City's assets. The supervisor took action after Emerald City Bank was unable to raise the required capital to remain viable.
 As a result of the supervisor's decision to close Emerald City Bank, the FDIC was given responsibility for decisions relating to the course of action for the bank's assets.
 Key Bank submitted to the FDIC a proposal to acquire certain assets of Emerald City Bank, including the facility located in Seattle's Central District. Key Bank's proposal was accepted by the FDIC on July 2. It is not known whether other proposals were submitted.
 The insured deposit liabilities of Emerald City Bank have been assumed by Key Bank and those deposits will continue to be insured by the FDIC.
 "By acquiring loans and deposits and by keeping the bank facility open, we will be able to offer uninterrupted banking services to the community served by Emerald City Bank," said Bevier. "Key Bank has wanted a banking presence in the Central District for some time. The acquisition of Emerald city holdings allows us to fulfill this strategy while enhancing our commitment to promoting economic development in the communities we serve. We will begin work immediately to make available to Emerald City Bank customers the full range of Key Bank services."
 Ralph Holliday, Key Bank's president and chief operating officer said, "Since Key Bank was not certain that its bid would be accepted until July 2, we will need some time to install equipment and supplies. In the interim, customers of Emerald City Bank can continue to bank as usual at the facility and use their existing checks and supplies. Although these new customers will not be able to fully utilize other Key Bank branches right away, we will notify them shortly to explain how account and product transition will be introduced."
 It is anticipated that the conversion process required to fully integrate existing Emerald City Bank customers into the Key Bank system and permit Key Bank customers to use the 23rd and Union facility will be completed within 60 days.
 Key Bank of Washington, with more than $6.5 billion in assets and 192 branches, is a Tacoma-based banking subsidiary of KeyCorp. KeyCorp (NYSE: KEY), with assets over $30 billion, is a multi-regional bank holding company headquartered in Albany, N.Y. It has focused its banking expansion activities in the Northeast and Northwest. As "America's neighborhood bank," KeyCorp pursues a middle-market target concentrating its resources in cities and smaller communities of the northern tier of states, thus avoiding overcrowded marketplaces and single industry loan exposure.
 -0- 7/2/92
 /CONTACT: Rob Gill of Key Bank of Washington, 206-593-3774, or after hours, 206-286-9950/


CO: Key Bank of Washington; Emerald City Bank ST: Washington IN: FIN SU: TNM

JH -- SE013 -- 8374 07/02/93 21:24 EDT
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Publication:PR Newswire
Date:Jul 2, 1993
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